Most real estate agents try to pull their main income from referrals and repeat clients. However, there is another way to find potential clients through real estate, and it’s pretty simple.
The method I am referring to is: Recently Expired Listings.
Even experienced real estate agents can find potential leads through expired real estate listings. Agents with access to their local multiple listing service (MLS) can search for homes whose listing agreements have expired.
Why is that?
An expired listing means the listing agreement has ended. The homeowner may still want to sell their single-family home or other property, but their plans may have changed.
Before assuming they are ready to try again, ask whether selling is still on their mind. If it is, you may have an opportunity to discuss what you would do differently. Here are five steps to help you get started.
Of course, no method can guarantee a certain number of leads every week. Your results will depend on your market, timing, approach, and follow-up.
Step 1: Come Up with an Amazing Script
Before even looking for leads, you need to come up with an amazing script to draw the potential customer in.
The most important thing is to make sure to be personable when creating the script.
Some homeowners may be willing to take a cold call if the person they are speaking to sounds genuine.
Here Are A Few Tips:
Start by saying, “Hi, is this _________?”
If it’s the right number, they might say something like “Yes.” or “Who is this?”
The reason they may ask who is calling before confirming their identity is to avoid being taken advantage of. People are now wary when answering the phone because a caller ID can be spoofed, and scammers often pretend to represent a legitimate business.
It’s important to not feel put off if someone is wary when picking up the phone.
Here’s the best way to make them feel at ease:
- Introduce yourself and what you do as well as the agency you are calling from.
- Tell them that you noticed their house is off the market and ask whether they still want to sell and discuss their options.
This is the beginning of a good script. As a real estate agent, you need to establish that you aren’t simply a scammer trying to rip them off in some way. You are a professional who has experience in the industry.
This also opens the door for the potential client to feel comfortable asking questions. The focus shifts from you trying to get new leads to them trying to sell their house.
By using the script above or one similar, you will have opened the door for a great phone conversation with your potential client. It's important to make any lead feel like their business really matters.
You need to assure each lead you call that if they choose you as their new real estate agent, you will be attentive to their needs and concerns.
Once you set up the script, practice through it several times and get familiar with what you want to say. Add your personality to it. You will need to be 100% prepared before you start looking for expired listings. There will be other realtors trying to do the same thing you do, and you need to be more memorable and professional than all of them.
Don’t promise that you can sell the home right away. Instead, be ready to explain what you would do differently. Ask what would need to change before relisting.
Step 2: How to Get Expired Listings
Finding expired and canceled listings is a pretty simple process. Navigate to your local MLS and search for recently expired and canceled listings.
Looking for expired listings on Zillow? “Off market” doesn’t always mean expired. Confirm the status through your MLS.
Before contacting anyone, make sure the listing agreement has actually ended. A canceled or withdrawn listing may still be covered by an exclusive agreement.
Under the National Association of REALTORS® Code of Ethics, REALTORS® should not solicit a listing that is currently listed exclusively with another broker. Check the listing status, local MLS rules, state law, and your brokerage’s policy before reaching out.
But here’s the hard part for most agents: finding the contact information to get in touch with the homeowner of the expired or canceled listing!
Even more difficult and more important, how do you find the right contact information?
Step 3: Look Up Owner Contact Info Using a People Search Service
You use your local MLS (multiple listing service) to find real estate leads.
Why wouldn’t you use a website that specializes in people searching to get possible contact information about the leads you want to connect with?
It’s pretty simple once you have the address that you need to look up.
Our website has a reverse address search to help find a phone number by address.
Simply click on the address search link at the bottom of our homepage, perform a search, and review any available results.
Check property records to verify ownership; confirm contact details separately.
You can perform multiple searches if you need more than one person’s contact information.
During the free daily lookup window, registered members can currently run two premium name or phone searches at no cost.
Step 4: Call the Homeowner
Before calling, check the number against the National Do Not Call Registry and any other calling rules that apply. An expired listing does not automatically create an exception when the purpose of the call is to offer listing services.
If someone asks you to stop contacting them, stop calling immediately and make a note of the request. Be especially careful with automated calls, prerecorded messages, and marketing texts, since they may have additional consent requirements.
Once you have verified the results and calling permissions, go over your script one more time and give the current homeowner a call!
Make sure to call them at an appropriate time and set an appointment.
Try to get more contact information if you can, but only if they want to continue the conversation.
Step 5: Email the Homeowner
If you had a great conversation on the phone, make sure to send the homeowner a follow-up email.
If you weren’t able to reach them via phone, you could still send them an email because our address search report may include email addresses (if available).
Commercial email must follow the CAN-SPAM Act. Use accurate sender information and subject lines, identify advertising as required, include a valid physical postal address, provide a clear way to opt out, and honor opt-out requests within 10 business days.
To Sum It All Up
If you are a real estate professional and are not taking advantage of expired listings, you are missing out on some major business opportunities.
Use the tips shared above to find possible information that will get you in touch with prospective clients.
Remember that in order to be a successful real estate professional, you need to go above and beyond what everyone else is doing.